It was not so long ago I remember the jokes about the "Canadian peso"-- heck I made some of them but this is an indicator of relative economic performance
Add this to story after story I am seeing about worker shortages and its boomtime for the Canadian economy at the moment-- perhaps we will even start to import some Americans
Loonie soars to new heights
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Font: * * * * Herald News Services
Published: Tuesday, January 31, 2006
Currency - The Canadian dollar, pumped up by high energy prices, closed at a new 14-year high of 87.24 cents US Monday, great news for Canadians heading south for a holiday, but adding to the challenges of struggling domestic manufacturers.
"The Canadian dollar flexed its muscle, appreciating relative to most major currencies," noted RBC economist John Anania, crediting oil prices which are near a five-month high, and solid non-energy commodity prices, including gold.
The strength of energy and other commodity prices was also credited with giving Canadian stocks another boost, with the benchmark S&P/TSX posting a near triple digit gain of more than 90 points to close at a new record high of 11,947.
The loonie, which reached a high of 87.49 cents US during the day, eased off in the wake of news that factory prices slipped 0.3 per cent last month
Article Tools
Printer friendly
Font: * * * * Herald News Services
Published: Tuesday, January 31, 2006
Currency - The Canadian dollar, pumped up by high energy prices, closed at a new 14-year high of 87.24 cents US Monday, great news for Canadians heading south for a holiday, but adding to the challenges of struggling domestic manufacturers.
"The Canadian dollar flexed its muscle, appreciating relative to most major currencies," noted RBC economist John Anania, crediting oil prices which are near a five-month high, and solid non-energy commodity prices, including gold.
The strength of energy and other commodity prices was also credited with giving Canadian stocks another boost, with the benchmark S&P/TSX posting a near triple digit gain of more than 90 points to close at a new record high of 11,947.
The loonie, which reached a high of 87.49 cents US during the day, eased off in the wake of news that factory prices slipped 0.3 per cent last month
Add this to story after story I am seeing about worker shortages and its boomtime for the Canadian economy at the moment-- perhaps we will even start to import some Americans
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